Pennington Corporation Purchased 80% of the Voting Common Stock of Stafford

Essay

Pennington Corporation purchased 80% of the voting common stock of Stafford Corporation for $3,200,000 cash on January 1,2016.On this date the book values and fair values of Stafford Corporation's assets and liabilities were as follows:
Required:
Prepare a schedule showing how the difference between Stafford Corporation's implied value and the book value of the net assets acquired should be allocated.